The consensus estimate for US GDP growth in 2014 has collapsed. 4 months ago, the world of serial extrapolators and mean-reverters prognosticated that 2014 GDP would reach the lofty heights of 2.9%. Today - on the heels of numerous micro- and macro-fundamental realities, consensus US GDP growth for 2014 has been marked down to 1.7%. Is it any wonder US equity markets are within 1% of their all-time highs?
Don;t worry though - the Fed is still bullish:
- *FED'S GEORGE SAYS 2014 U.S. GROWTH TO BE IN 2%-2.5% RANGE
You can't make this stuff up!!